With a 40k deposit, what's my options for a property?
Discussion
Depending on lender you could get up to 5.5 times your income. Then add on your deposit. You will need at least 15% deposit to get these multiples however.
If you buy for £300k you will need £45k deposit, £9k for stamp duty, then a few k more for survey, solicitors etc. Get in touch if you need any more help.
If you buy for £300k you will need £45k deposit, £9k for stamp duty, then a few k more for survey, solicitors etc. Get in touch if you need any more help.
Is that your overall budget including stamp duty, cost of survey and solicitor fees? If so keep saving as you're going to need more cash than what you've currently saved. Any property over 250k will cost you 3% in stamp duty alone, which will eat into a large chunk of your 40k.
In London you might get a 2 bed house or a flat for around 250k, but it depends on where in London you're looking.
In London you might get a 2 bed house or a flat for around 250k, but it depends on where in London you're looking.
worsy said:
Nothing constructive to say, however truly sad to think that 40k in savings and a 50k salary buys a flat
I'm in pretty much the same position as OP. Would get a much nicer place outside London but then the job wouldn't pay as much, so the mortgage allowed wouldn't be as big etc etc.Gassing Station | Finance | Top of Page | What's New | My Stuff